The Red Ponzi Leads The Way: First The Virus, Next The Shutdown, Then The Defaults

Summary:
As Covid-19 works its way through the rest of Asia, Europe and the Americas — forcing countries into lockdown, driving up unemployment and pummeling small-business owners — analysts say it’s only a matter of time before stretched households globally start to default on their loans. The early indicators from China aren’t pretty. Overdue credit-card debt swelled last month by about 50% from a year earlier, according to executives at two banks who asked not to be named discussing internal figures.
https://economictimes.indiatimes.com/news/international/business/a-global-consumer-default-wave-is-just-getting-started-in-china/articleshow/74871979.cms?from=mdr

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As Covid-19 works its way through the rest of Asia, Europe and the Americas — forcing countries into lockdown, driving up unemployment and pummeling small-business owners — analysts say it’s only a matter of time before stretched households globally start to default on their loans. The early indicators from China aren’t pretty. Overdue credit-card debt swelled last month by about 50% from a year earlier, according to executives at two banks who asked not to be named discussing internal figures.

David Alan Stockman (born November 10, 1946) is a former businessman and U.S. politician who served as a Republican U.S. Representative from the state of Michigan (1977–1981) and as the Director of the Office of Management and Budget (1981–1985) under President Ronald Reagan.